API Reports Big Inventory Build Across The Board

U.S. crude oil inventories increased by 5.8 million barrels, according to this week’s American Petroleum Institute (API) inventory report published on Tuesday afternoon, compounded by large builds—again—in both gasoline and distillates. Analysts were anticipating a crude oil inventory build of 3.06 million barrels, according to Market Realist. Oil prices have found themselves being used like a rope in a desperate game of tug of war for weeks—on one side, there is good news from OPEC regarding their production cut adherence.…

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